{"id":342,"date":"2018-11-01T01:26:32","date_gmt":"2018-11-01T01:26:32","guid":{"rendered":"http:\/\/renwre.info\/2018\/11\/01\/taking-fear-out-of-the-mortgage-process\/"},"modified":"2018-11-01T01:26:32","modified_gmt":"2018-11-01T01:26:32","slug":"taking-fear-out-of-the-mortgage-process","status":"publish","type":"post","link":"http:\/\/renwre.info\/?p=342","title":{"rendered":"Taking Fear Out of the Mortgage Process"},"content":{"rendered":"
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\"Taking<\/p>\n

A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainties about the buying process. A specific cause for concern tends to be mortgage qualification.<\/span><\/p>\n

For many, the mortgage process can be scary, but it doesn\u2019t have to be!<\/strong><\/h4>\n

In order to qualify in today\u2019s market, you\u2019ll need a down payment (the average down payment on all loans last year was 5%, with many buyers putting down 3% or less)<\/em>, a stable income, and good credit history.<\/p>\n

Throughout the entire home buying process, you will interact with many different professionals who will all perform necessary roles. These professionals are also valuable resources for you.<\/p>\n

Once you\u2019re ready to apply, here are 5 easy steps that Freddie Mac<\/em> suggests<\/a> to follow:<\/p>\n

    \n
  1. Find out your current credit history & score<\/strong> \u2013 even if you don\u2019t have perfect credit, you may already qualify for a loan. The average FICO Score\u00ae of all closed loans in September was 731, according to Ellie Mae.<\/em><\/li>\n
  2. Start gathering all of your documentation<\/strong> \u2013 income verification (such as W-2 forms or tax returns), credit history, and assets (such as bank statements to verify your savings).<\/li>\n
  3. Contact a professional<\/strong> \u2013 your real estate agent will be able to recommend a loan officer who can help you develop a spending plan, as well as help you determine how much home you can afford.<\/li>\n
  4. Consult with your lender<\/strong> \u2013 he or she will review your income, expenses, and financial goals in order to determine the type and amount of mortgage you qualify for.<\/li>\n
  5. Talk to your lender about pre-approval<\/strong> \u2013 a pre-approval letter provides an estimate of what you might be able to borrow (provided your financial status doesn\u2019t change) and demonstrates to home sellers that you are serious about buying!<\/li>\n<\/ol>\n

    Bottom Line<\/strong><\/h3>\n

    Do your research, reach out to professionals, stick to your budget, and be sure that you are ready to take on the financial responsibilities of becoming a homeowner.<\/p>\n<\/div>\n

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    A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainties about the buying process. A specific cause for concern tends to be mortgage qualification. For many, the mortgage process can be Continue reading Taking Fear Out of the Mortgage Process<\/span>→<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/renwre.info\/index.php?rest_route=\/wp\/v2\/posts\/342"}],"collection":[{"href":"http:\/\/renwre.info\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/renwre.info\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/renwre.info\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/renwre.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=342"}],"version-history":[{"count":0,"href":"http:\/\/renwre.info\/index.php?rest_route=\/wp\/v2\/posts\/342\/revisions"}],"wp:attachment":[{"href":"http:\/\/renwre.info\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/renwre.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=342"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/renwre.info\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}